Ardsley Advisory Partners LP Takes Position in Pure Storage, Inc. (NYSE:PSTG)

Ardsley Advisory Partners LP purchased a new position in shares of Pure Storage, Inc. (NYSE:PSTG) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 45,000 shares of the technology company’s stock, valued at approximately $2,764,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. raised its position in shares of Pure Storage by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 33,443,732 shares of the technology company’s stock valued at $2,054,448,000 after buying an additional 615,931 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its position in shares of Pure Storage by 5.9% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 7,207,162 shares of the technology company’s stock valued at $442,736,000 after acquiring an additional 401,035 shares during the period. Geode Capital Management LLC grew its holdings in shares of Pure Storage by 25.4% during the 4th quarter. Geode Capital Management LLC now owns 6,748,553 shares of the technology company’s stock worth $413,982,000 after purchasing an additional 1,366,458 shares in the last quarter. Champlain Investment Partners LLC increased its position in shares of Pure Storage by 3.0% in the fourth quarter. Champlain Investment Partners LLC now owns 5,921,392 shares of the technology company’s stock worth $363,751,000 after purchasing an additional 174,449 shares during the period. Finally, Invesco Ltd. raised its stake in Pure Storage by 18.8% in the fourth quarter. Invesco Ltd. now owns 4,162,081 shares of the technology company’s stock valued at $255,677,000 after purchasing an additional 657,175 shares in the last quarter. Institutional investors and hedge funds own 83.42% of the company’s stock.

Pure Storage Stock Up 3.0 %

NYSE PSTG opened at $47.84 on Friday. The company has a market capitalization of $15.60 billion, a price-to-earnings ratio of 125.90, a PEG ratio of 5.12 and a beta of 1.05. Pure Storage, Inc. has a twelve month low of $34.51 and a twelve month high of $73.67. The stock has a fifty day simple moving average of $46.43 and a 200 day simple moving average of $55.88.

Insider Buying and Selling at Pure Storage

In other news, CRO Dan Fitzsimons sold 6,977 shares of the firm’s stock in a transaction dated Monday, April 21st. The stock was sold at an average price of $40.91, for a total transaction of $285,429.07. Following the completion of the transaction, the executive now directly owns 90,223 shares in the company, valued at $3,691,022.93. This trade represents a 7.18 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 6.00% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on PSTG. Piper Sandler decreased their target price on shares of Pure Storage from $76.00 to $53.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. StockNews.com cut shares of Pure Storage from a “buy” rating to a “hold” rating in a research note on Thursday, February 27th. Bank of America cut their target price on Pure Storage from $77.00 to $73.00 and set a “neutral” rating for the company in a research note on Thursday, February 27th. Needham & Company LLC reiterated a “buy” rating and issued a $75.00 price target on shares of Pure Storage in a research note on Thursday, February 27th. Finally, Citigroup dropped their price objective on Pure Storage from $77.00 to $55.00 and set a “buy” rating for the company in a research report on Monday, April 14th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, Pure Storage presently has an average rating of “Moderate Buy” and an average price target of $70.20.

About Pure Storage

Pure Storage, Inc engages in the provision of data storage and management technologies, products, and services in the United States and internationally. Its Purity software is shared across its products and provides enterprise-class data services, such as always-on data reduction, data protection, and encryption, as well as storage protocols, including block, file, and object.